Federal Minister for Privatization Mohammed Mian Soomro has asked for the urgent resolution of issues related to K-E, Pakistan Reinsurance Company Limited (PRCL), issuance of NoC to Pakistan Steel Mills Corporation (PSMC) by Sui Southern Gas Company Limited (SSGCL), and receivables of NPPMCL.
Mohammad Mian Soomro was briefed about the current status of Heavy Electrical Complex (HEC), National Power Parks Management Company Limited (NPPMCL), Pak Reinsurance Company Limited (PRCL), distribution companies (DISCOs), Pakistan Steel Mills (PSM), House Building Finance Company Limited (HBFCL) and others during a meeting chaired by the minister.
The meeting discussed the matter of the issuance of National Security Clearance (NSC) for the transfer of K-Electric’s (K-E) shares to Shanghai Electric (SEP). The matter, currently, is held up, awaiting the conclusion of the Power Purchase Agreement (PPA) between K-E and the Power Division.
It was briefed in the meeting that the process for the debt-recapitalization has been initiated, and banks are in the process of forming a consortium for the purpose of lending to replace the government’s excess equity. Regarding the privatization of HBFCL through the sale of up to 100 percent shares along with the management control, Federal Minister was briefed that local and international investors/financial institutions are showing interest in HBFCL. Furthermore, the VDR for the due diligence of pre-qualified parties for the revival of PSMC will be opened soon.
The Minister was also apprised about the Federal Cabinet’s decision regarding Guddu and Nandipur power plants that the Cabinet Committee on Energy (CCOE) will first decide the proposal of Pakistan State Oil (PSO) about these plants and then the privatization process will be processed accordingly.
